Flexibility is a good thing. I ignored stretching for a long time. But, when cramping in my calves started causing problems with my achilles tendon, I did some reading and some thinking.
Now, I stretch at least once a day, preferrably 2-3 times. In addition, I stretch a little bit before each ride and a lot after each ride.
I do a whole range of stretches, calves, quads, hamstrings, groin, and a bit of upper body stuff too.
I am certain that it helps prevent injury. I also feel like it makes my recovery a bit faster.
One side benefit is that it has increased my comfort on my bike. My bike is a bit to long for me in the top tube. Even with the shortest bar & stem arrangement, I still find my brake hoods too far out. But, stretching (especially the touch your toes stretch) has made the hood position more comfortable. I used to barely reach my toes, but now I can almost get my palms flat on the floor.
So, stretch early, strech often.
Cheers,
Jamie